Financial Services Authority & Bank Indonesia Gain Supervision of Crypto Trading
Analysts feel that the cryptocurrency market in Indonesia can get a wave of fresh air now that the supervision of crypto trading in Indonesia was transferred from the Commodity Futures Trading Regulatory Agency (Bappebti) to Indonesia's central bank (Bank Indonesia) and the Financial Services Authority (OJK) per 10 January 2025.
Based on Government Regulation No. 49 of Year 2024, which came into effect on 10 January 2025, supervision of digital financial assets in Indonesia (which includes crypto assets) was transferred from Bappebti to Bank Indonesia and OJK. It essentially means that all steps required for crypto trading now have to adhere to OJK regulation and are subject to OJK monitoring.
Considering Bappebti is positioned under the Ministry of Trade, there had earlier been some concern over the independence of Bappebti, hence over its ability to strictly supervise crypto trading in Southeast Asia's largest economy. With OJK and Bank Indonesia being (relatively) independent powers, there is the conviction that it now becomes a more stable and safer environment for crypto traders in Indonesia.
Traders argue that the only real downside of having OJK and Bank Indonesia supervising the country's crypto trade is that the transaction charges are bound to become bigger than they were under Bappebti.
Nonetheless, Mahendra Siregar, Deputy Commissioner at OJK, said this transfer of supervision is a positive matter for Indonesia's financial system stability, development of the cryptocurrency industry, and for investor confidence.
Crypto Asset Transactions in Indonesia (in IDR trillion):
| 2020 | 2021 | 2022 | 2023 | 2024 Jan-Nov |
|
| Transaction Value | 64.9 | 859.4 | 306.4 | 149.2 | 556.5 |
Source: Ministry of Trade of the Republic of Indonesia